Then, the "core" CPI (excluding the food and energy prices Mr. Bernanke doesn't pay attention to). That's now running above a 2% annualized rate, which is the rate the Mr. Bernanke has said is as high as it should go. It has also headed straight-up-and-to-the-right for the past six months.

And here's a breakdown of some of what's driving this core inflation. This is actually a bit more encouraging. The headline inflation is being driven by food and energy prices. The core inflation is being driven by healthcare costs, which are apparently going to rise faster than the economy grows until Judgment Day (which, by the way, may be this Saturday). And it is also being driven by rising car prices--new and used. Asha Bangalore points out that the car price increases aren't likely to be sustained, which bodes well--or at least better--for the core CPI going forward.